What Are the Limitations of Applying Metcalfe’s Law Directly to Public Blockchain Networks?

A key limitation is accurately defining and counting a 'user' on a public, pseudonymous blockchain. Not all addresses are users, and one user can control multiple addresses.

Furthermore, Metcalfe's Law assumes equal value for all connections, which may not hold true for different types of transactions or users. The law also does not account for congestion or scalability issues that can decrease utility despite a large user count.